Best Bankruptcy & Debt Lawyers in Bulgaria

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LTA-Consulting- ltd

LTA-Consulting- ltd

Sofia, Bulgaria

Free Consultation: 15 mins


Founded in 2016
12 people in their team
LTA Consulting is based in Sofia and has an established partner network of consultants in different business centres in Europe. We have a lot of...
English
Ivanov&Yonkova Law Firm

Ivanov&Yonkova Law Firm

Sofia, Bulgaria

Founded in 2019
2 people in their team
Ivanov & Yonkova Law Firm has been established in January 2019 by Doychin Ivanov, attorney-at-law, and Tsveta Ivanova-Yonkova, attorney-at-law...
English
German
French
Bulgarian
"Dyankova&Stoichevska " Law firm

"Dyankova&Stoichevska " Law firm

Sofia, Bulgaria

Founded in 1992
5 people in their team
  Dyankova & Stoichevska Law firm is  dynamic international firm specializing in legal services.We  eliminate the...
English
Italian
Russian

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About Bankruptcy & Debt Law in Bulgaria:

Bankruptcy & Debt law in Bulgaria is governed by the Bulgarian Commerce Act. This legislation provides a legal framework for individuals and businesses facing financial difficulties to seek relief from debt through the process of bankruptcy. Bankruptcy may involve restructuring debts or liquidating assets to repay creditors.

Why You May Need a Lawyer:

There are various situations where individuals or businesses may require legal assistance in matters related to Bankruptcy & Debt in Bulgaria. Some common scenarios include negotiating with creditors, filing for bankruptcy, defending against creditor lawsuits, or seeking legal protection against aggressive debt collection practices.

Local Laws Overview:

Under Bulgarian law, bankruptcy proceedings can be initiated voluntarily by the debtor or involuntarily by creditors. The court appoints a trustee to manage the bankruptcy process and distribute assets to creditors. Debtors may be eligible for discharge of certain debts after completing the bankruptcy process.

Frequently Asked Questions:

1. What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy involves liquidating assets to repay creditors, while Chapter 13 bankruptcy allows individuals to restructure and repay debts over time.

2. Can I keep my assets in bankruptcy?

Some assets may be exempt from liquidation in bankruptcy, such as a primary residence or basic personal belongings. Consult with a lawyer to understand which assets you can keep.

3. How long does bankruptcy stay on my credit report?

Bankruptcy can remain on your credit report for up to 10 years, impacting your ability to obtain credit in the future.

4. Can I file for bankruptcy without a lawyer?

While it is possible to file for bankruptcy without a lawyer, legal representation can help navigate the complex process and ensure your rights are protected.

5. Will bankruptcy stop creditor harassment?

Bankruptcy triggers an automatic stay, which temporarily stops creditors from taking any collection actions against you.

6. What debts are not dischargeable in bankruptcy?

Some debts, such as student loans, child support, and certain tax obligations, may not be discharged in bankruptcy.

7. How long does the bankruptcy process take?

The duration of the bankruptcy process can vary depending on the complexity of your case and the type of bankruptcy filed. It may take several months to a few years to complete the process.

8. Can I file for bankruptcy multiple times?

There are limitations on how often you can file for bankruptcy and receive a discharge of debts. Consult with a lawyer to understand your options.

9. What are the alternatives to bankruptcy?

Alternative options to bankruptcy may include debt consolidation, debt settlement, or negotiating with creditors to restructure debt repayment plans.

10. How can a lawyer help me with bankruptcy and debt issues?

A lawyer specializing in Bankruptcy & Debt law can provide guidance on the best course of action, represent you in court proceedings, negotiate with creditors on your behalf, and ensure your legal rights are protected throughout the process.

Additional Resources:

For more information on Bankruptcy & Debt law in Bulgaria, you can visit the Bulgarian Ministry of Justice website or consult with the Bulgarian Bar Association for a list of qualified legal professionals specializing in this field.

Next Steps:

If you are facing financial difficulties and need legal assistance with Bankruptcy & Debt in Bulgaria, it is advisable to schedule a consultation with a qualified lawyer who can assess your situation and provide personalized guidance on the best course of action to take. Remember, legal advice can help protect your rights and financial interests during challenging times.

Disclaimer:
The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation. We disclaim all liability for actions you take or fail to take based on any content on this page. If you find any information to be incorrect or outdated, please contact us, and we will make efforts to rectify it.